Tractian, the industrial operating systems company with artificial intelligence (AI), announced an investment of MX $800 million (USD $47M) in its Series B. General Catalyst led the investment.

With this new investment round, Tractian seeks to strengthen its position as one of the fastest-growing industrial startups. According to a press release, from 2022 to 2023, Tractian doubled the number of clients in Brazil, Mexico, and the United States, reaching a total of more than 500 multinational clients such as Grupo Bimbo, La Costeña, Johnson Controls, Avon, and Clarios. Additionally, the company has experienced growth of more than four times in its revenues between 2022 and 2023, the document highlights.

According to Leonardo Vieira, co-founder, and CEO of Tractian in Mexico:

“companies can lose millions by having a machine stopped, in addition to the damage that this can cause to their established business commitments. That’s why more and more manufacturers are seeking to have control of their machines in the palm of their hand. In our case, we have seen demand grow by 70% from the companies we already operate with in the country.”

The document also indicates that Tractian serves so many industries that it participates in 5% of the global production GDP. In practical terms, this means that, of every 1000 dollars produced by the worldwide industry, 50 dollars are generated in environments that use Tractian’s solutions. In Mexico, considering that 37% of Mexican GDP comes from industries, Tractian has a direct impact equivalent to USD $246.95 billion.

Among the investors who joined the round are Trevor Oelschig, Deep Nishar, Director of Products at Google/Google Maps and Linkedin, and Paul Kwan, who was responsible for the success of Samsara’s IPO.

“We are very excited about the real opportunity that Tractian has to become de facto a global platform for industrial intelligence. The market is gigantic and extremely underserved. Tractian combines elements of attention to detail with maintenance operators, who are its clients, along with a rapid speed to iterate its products,” says Oelschig, a partner at General Catalyst.

Latin American companies only raised USD $406 million in the first quarter of 2023, according to the Venture Capital and Growth Equity Ecosystem 2023 study. This is one of the periods with the lowest activity for capital funds in the last five years.

Meanwhile, venture capital fund ALLVP revealed in a report that 46% of Latin American corporate companies are already using artificial intelligence (AI) in their daily operations, and an impressive 93% of these corporations plan to implement it in the future, indicating the growing importance of this technology in the region.